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Sustainability 2017, 9(12), 2327;

Earnings Management and CSR Disclosure. Family vs. Non-Family Firms

Department of Economics, University of Insubria, 21100 Varese, Italy
Department of Economics and Management, University of Pavia, 27100 Pavia, Italy
Author to whom correspondence should be addressed.
Received: 9 November 2017 / Revised: 6 December 2017 / Accepted: 11 December 2017 / Published: 13 December 2017
(This article belongs to the Section Economic, Business and Management Aspects of Sustainability)
Full-Text   |   PDF [299 KB, uploaded 14 December 2017]


Building on Institutional theory and Signaling theory, integrated with the socioemotional wealth (SEW) approach, we studied the effect of earnings management (EM) practices on a firm’s Corporate Social Responsibility (CSR) disclosure behavior. In so doing, we analyzed a sample of 226 non-financial, family and non-family listed firms for the period, 2006–2015. Our results suggest that family firms, in instances of downward earnings management, are more prone to diverting attention from these practices by means of CSR disclosure, compared to non-family firms, although the level of family ownership exerts a moderating effect. Moreover, we found that a firm’s visibility, in terms of size, significantly enhances this behavior and that the effect is higher for family firms. View Full-Text
Keywords: CSR disclosure; earnings management; family firms CSR disclosure; earnings management; family firms
This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. (CC BY 4.0).

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Gavana, G.; Gottardo, P.; Moisello, A.M. Earnings Management and CSR Disclosure. Family vs. Non-Family Firms. Sustainability 2017, 9, 2327.

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